PKF's Frankfurt member firm switches to rival RSM network

08 January 2019 3 min. read
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The member firm of PKF in Frankfurt has exited the network to join rival group RSM. The move adds nearly 100 employees, including six partners, to RSM’s presence in Germany, and creates one of the larger audit and tax advisory firms in the Rhine Main region focused on the mid-market. 

Across Germany, RSM currently has more than 500 employees, and after integration of the new Frankfurt office, the headcount will grow to over 600. “With this growth we strengthen our presence enormously in the German market,” said Gregor Schmidt, the European Regional Leader of RSM International. According to data from International Accounting Bulletin, RSM’s ranking among the largest audit and tax advisory firms in Germany will climb towards the top ten.

As similar to its other member firms, RSM Frankfurt audits and advises businesses across all main industry sectors, of which many are publicly listed companies. The firm’s clients operate locally, regionally, as well as internationally. “Owing to ever increasing globalisation, to business models becoming digitalised and to IT security gaining ever more importance, our clients are faced with growing challenges,” explained Santosh Varughese, Managing Partner of the Frankfurt office. 

“Along with corporate groups operating internationally, we especially focus on medium-sized companies that highly value individualised care and expect us to have a deep understanding of the specific needs of a medium-sized entity.”

RSM adds member firm in Frankfurt

Asked about how the switch from PKF to RSM will benefit the firm’s clientele, the local boss said, “Our clients operating internationally will particularly benefit from the merger with RSM by us gaining a wider range of services and competencies.” Globally, RSM is the 6th largest professional services network, with 40,000 staff across 750 offices in 110+ countries. In comparison, PKF’s footprint consists of around 400 offices, earning the firm a 15th rank globally.

Jean Stephens, Chief Executive Officer of RSM International, highlighted the benefits the expanded presence will give to RSM clients that operate in the region. “For our global clients, Frankfurt is a strategically important location; a metropolitan area with enormous economic power as well as being an international hub for the exchange of goods and services. I am delighted to welcome the partners and staff in Frankfurt to our network, further enhancing our client services and bringing expert insight and knowledge to businesses looking to take advantage of this key financial centre.” 

In other recent professional services M&A in Germany, Accenture in November last year acquired agency Kolle Rebbe (300 professionals), while CGI saw its local headcount grow by a similar size after it completed the purchase of technology consultancy CKC.